French liner giant CMA CGM is selling a 20-year-old container ship as more dual-fuel newbuildings come on stream.
The 5,782-teu CMA CGM Bellini (built 2004) was reported sold to an undisclosed buyer for $18.7m.
That is lower than its estimated market value of nearly $25m, based on VesselsValue estimates, so likely reflects the fact the ship has a special service due in June.
The CMA CGM Bellini was built in South Korea by Samsung Heavy Industries and operates with four sister ships that remain in the French carrier’s fleet.
The vessel appears to have been sold as the Saade family-controlled liner operator continues to modernise its fleet.
The company has taken delivery of four LNG dual-fuel newbuildings delivered this month alone.
The 15,254-teu CMA CGM Cape Cod, the 7,327-teu CMA CGM Endurance, the 13,264-teu CMA CGM Paraty and the 2,126-teu CMA CGM Ermitage (all built 2024) have been delivered in April from shipyards in South Korea and China
CMA CGM has also acquired the 11,020-teu CMA CGM Vela (built 2008) on which it declared a purchase option.
Bollore disposals
The French line is, however, required to make several asset disposals following its €4.85bn ($5.25bn) acquisition of French peer Bollore Logistics.
The company has agreed to sell Bollore Logistics’ activities in Guadeloupe, Martinique, Saint-Martin, French Guiana and Polynesia.
CMA CGM said it had received a put option from France’s Balguerie Group with whom it signed an exclusivity agreement for the sale of these activities.
That will enable CMA CGM to comply with the demands of the European Commission and the Polynesian Competition Authority.
The transaction will take place following consultation procedures of the competent work councils, the company said.
The acquisition of Bollore Logistics was CMA CGM’s biggest acquisition in its history, as part of a drive to develop a second logistics leg to stand on alongside its traditional maritime business.
Bollore Logistics’ activities in La Reunion and New Caledonia are not affected by the sale and will remain with CMA CGM.
